Question

How are metrics used for healthcare financing and health insurances?

Answer 1

Metric in healthcare is a well-defined performance measurement that is used to monitor,analyse and optimize all relevant healthcare processes to increase patient satisfaction. Many of these matrics are specific key indicators for hospitals.

Most important health care matrics are,

1. Average hospital stay: it determines the amount of time the patient staying in the hospital after admission. This healthcare matrics can vary according to the type of procedure done like major surgery there will be prolonged stay or for like minor surgery shot duration.

2. Treatment cost: are the important matric to track as they directly impact on hospital finance, the contribution and the capacity of the facility to maintain its stability. It will help to find out the ways of abnormal and extra expenses. It is easy to break it down to small units to get accurate results.

3. Hospital readmission rate: this ia typical matrics. This provide the information about the number of patients returned to the hospital within in a short period of time after discharge. It is an important healthcare matrics as it gives the idea about the quality of care administered in the facility.

4. Patient waiting time: Patient satisfaction can be increased by decreased patient waiting time. It measures the time taken for a visitor from registration to consult a doctor or get treatment. This matric highly linked to patient satisfaction score. It can reveal some other problems also the facility facing.

5. Patient satisfaction: This is another important matrics in a healthcare facility that should get a top priority in order to get patient feedback and improve service. With this it is easy to assess patients feeling about the care they received.

6. Patient safety: Measures the capacity of a healthcare facility to deliver quality of care to patients and keep them safe from getting an another infection or disease,post operative complications. It is very important to track this matrics seriously to find where the problems arises and to know which stage of development has to be improved. This matrics can be futher devided into respiratory infection, post operative infection etc to know more specifically about the performance of the hospital.

7. Emergency room wait time: This matric measure the time between the patient arrival in the ER and the time when the patient get the treatment. This number linked to the average patient waiting time,but it is more specific as it is focused on emergency room only.

8. Cost by payer: This matrics can evaluate the distribution of the cost among different organisms. Whether the patient is under medcare or any private insurance or does not have any insurance at all. This matric thus helps to know the biggest payer of a healthcare facility.

Like this ways matrics are used in healthcare facility.